A few things about this week's NL, featuring more of my convo with @anildash and work by @asociologist
https://twitter.com/Prof_Kennedy/status/1491103920508129281?s=20&t=hCQA-hr6D3gOJbghM1J6dA
Dan put me on to folk economics concept a couple years ago. I skimmed that econ literature at the time. This time I caught something in the older canonical stuff on folk economics. It is strongly influenced by evolutionary psychology literature.
That's always a red flag for me. Not necessarily to discount the literature but to read around it more. Rubin (2003), for example, cites Steven Pinker a lot. Important to note that "folk" knowledges isn't unique to economics.
I happen to be talking about fintech so I focus on folk economics. The conceptual map for folk knowledge is tied to formal knowledge production, enclosure of professions and lots of risk for bias about cognitive fitness.
Dan's more sociological take understands folk science or disciplinary knowledges as more subjective than i think the evo psych folks would allow. I think that's a good distinction to make.
More important to my point is how folk economics becomes a shield against regulation or even serious systematic inquiry.
The bigger twist is one I am still working out and that is how these speculative fin-tech instruments are stylized facts in and of themselves. Which, of course, might be true about almost all the post 1990s finance stuff but let me get there in my own way, okay. lol
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